EV Charging Cables Market Overview and Introduction

The increasing adoption of electrification in the vehicles is shaping the future of the automotive industry. In an electric vehicle, the battery is the main power source and it is charged with the help of charging cables. Hence, charging cables have been playing an important role in the electrification of the automotive industry. Thus, there are various types of charging cables available in the market depending on their applications.

Additionally, there are different types of charging cable standards in the market based on geographical segmentations. For instance, In the U.S., charging cables are manufactured according to the National Electrical Code (NEC) Article 400, and Underwriters Laboratories (UL) category FFSO (UL62) & CSA C22.2 No.49. Moreover, charging cables are also designed depending upon the charging current (AC or DC). However, several established players have developed charging cables that support various types of conductive charging systems. Such developments in the market are supplementing market growth.

Rising government initiatives to construct electric vehicle charging infrastructure across the globe and the growing demand for compact residential electric vehicle charging stations are the major factors driving growth of the EV charging cable market. Additionally, new product launches and investments by key players to provide better charging cable solutions are supplementing market growth. Moreover, increasing collaborations between the government bodies & electric vehicle station manufacturers across the globe are expected to create new growth opportunities during the forecast period.

However, different standards of charging cables as per geographical segmentation and the low adoption of electric vehicles in certain geographical areas are the major factors restraining market growth. Also, the emergence of fuel cell electric vehicles will hamper the market growth to a certain extent. Moreover, advancement in the wireless charging and the high cost of DC charging cables are other factors limiting market growth.

EV Charging Plug Market By Charging Level

Based on charging level, the market can be segmented into level 1, level 2, and level 3/DC fast charging. The level 3/DC fast charging segment is expected to grow at the highest CAGR during the forecast period owing to the advantages that it offers over other segments such as constant power supply and high speed of charging. Moreover, people preferred electric vehicles that support DC fast charging. Thus, established key players are launching new DC fast charging electric vehicles, which will further supplement segment growth.

EV Charging Plug Market By End-Use

Based on end-use, the market can be segmented into private charging and public charging. The public charging segment accounted for the largest market share in 2019. The growth for this segment can be attributed to the increasing number of government initiatives focused on developing public charging infrastructures to promote clean energy and overcome environmental concerns. Moreover, advancements in the DC charging technology and rapid high-power charging infrastructural developments in Asian countries are fueling the growth of this segment.

EV Charging Plug Market By Charging Plug

Based on charging plug, the market can be segmented into CHAdeMO, Combined Charging System (CCS), and others. The CHAdeMO segment accounted for the largest market share in 2019 owing to the high adoption of CHAdeMO charging plugs for fast charging in Europe. Also, the rising trend of DC fast charging across the globe is supplementing segment growth.

EV Charging Plug Market By Region

Based on region, the global charging plug market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Asia Pacific is expected to grow at the highest CAGR owing to several factors such as China being the largest electric vehicle producer in the world and new government programs to support electric vehicle sales by issuing tax benefits & incentives, among others. Additionally, the increasing sale of commercial heavy electric vehicles is supplementing market growth in the region. Moreover, announcements of new investments by several regional governments are expected to create new growth opportunities for this region.

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